Benchmark sponge iron (P-DRI) prices gained by INR 600/t to INR 29,400/t ($398), exw Raipur, Central India. The demand remained active following a sharp surge in billet prices by INR 900/t, d-o-d. The prices remained strong amid predictions that falling sponge iron supply may result in rise in prices along with resumption of operations in a few steel plants.
- Sponge P-DRI offers were floated at INR 29,400-29,500/t exw & around 5,500 t deals were recorded at INR 29,300-400/t on exw & FoR Raipur basis. However, a few plants also claimed deals to have closed at Rs 29,500/t exw, but on late payment terms.
- Also, sponge DR CLO grade assessment increased by INR 600/t to INR 31,500/t exw, but suppliers are limited for the material due to logistic concerns on raw material sourcing from NMDC.
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